Wedbush Forecasts Alphabet’s Q3 Earnings (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Investment analysts at Wedbush boosted their Q3 2024 earnings per share (EPS) estimates for Alphabet in a note issued to investors on Wednesday, October 23rd. Wedbush analyst S. Devitt now forecasts that the information services provider will earn $1.81 per share for the quarter, up from their previous forecast of $1.75. Wedbush currently has a “Outperform” rating and a $205.00 target price on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share. Wedbush also issued estimates for Alphabet’s Q4 2024 earnings at $2.00 EPS and FY2024 earnings at $7.58 EPS.

Several other analysts have also issued reports on the stock. Roth Mkm reiterated a “buy” rating and issued a $206.00 target price on shares of Alphabet in a research note on Thursday, August 29th. Citigroup lifted their target price on shares of Alphabet from $190.00 to $212.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group reduced their target price on Alphabet from $217.00 to $208.00 and set a “buy” rating for the company in a report on Monday, October 14th. Argus increased their price target on Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a research report on Tuesday, October 15th. Seven investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $201.76.

Alphabet Trading Up 1.6 %

Shares of Alphabet stock opened at $165.27 on Monday. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a fifty day simple moving average of $161.95 and a 200 day simple moving average of $168.60. Alphabet has a 12-month low of $120.21 and a 12-month high of $191.75. The company has a market capitalization of $2.03 trillion, a P/E ratio of 23.71, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04.

Hedge Funds Weigh In On Alphabet

Institutional investors and hedge funds have recently made changes to their positions in the business. Christopher J. Hasenberg Inc grew its stake in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after buying an additional 60 shares during the last quarter. Tributary Capital Management LLC purchased a new stake in Alphabet during the 1st quarter valued at about $30,000. Kings Path Partners LLC bought a new position in Alphabet during the 2nd quarter worth approximately $36,000. Denver PWM LLC purchased a new position in Alphabet in the 2nd quarter worth approximately $41,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its position in Alphabet by 59.2% in the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 109 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock worth $35,993,340 in the last ninety days. 11.55% of the stock is currently owned by insiders.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.